PEABODY, MASS. — Fantini & Gorga has arranged $7.5 million in permanent financing for two office buildings located at 100 and 200 Corporate Place in Peabody. Derek Coulombe and Jason Cunnane of Fantini & Gorga secured the financing for the undisclosed borrower through a regional bank. Built in 1984, the five-story building at 100 Corporate Place features 46,000 square feet, and the 48,000-square-foot building at 200 Corporate Place was built in 1983.
HOUSTON — A year after first announcing long-term plans for the redevelopment of the former ExxonMobil Chemical headquarters campus in Houston, Third Palm Capital is repurposing existing buildings on the 35-acre energy corridor site. The planned mixed-use district is located at 13501 Katy Freeway and is being renamed Republic Square. Houston-based Boxer Property has been awarded the leasing and management assignment. Preparations are underway to open Republic Square’s grounds with a central lake. Existing amenities include The Event Center at Republic Square, a 20,000-square-foot event and conference facility, plus Republic Square I, a three-story, 320,000-square-foot office building. Improvements include increasing visibility and accessibility off I-10 and Memorial Drive, adding a surface parking lot along Memorial and landscaping.
OKLAHOMA CITY — CBRE’s U.S. Healthcare capital markets group has brokered the sale of a 62,857-square-foot medical facility in Oklahoma City fully leased to Lakeside Women’s Hospital. Tampa-based Carter Validus Properties II LLC purchased the asset from Physicians of Northwest Oklahoma Investment Group LLC for an undisclosed price. Jason Little of CBRE’s Oklahoma City office teamed with Chris Bodnar and Lee Asher of CBRE’s U.S. Healthcare capital markets group to market the asset on behalf of the seller. Situated on five acres, the inpatient medical facility is located at 11200 N. Portland Ave.
EL PASO, TEXAS — Commercial real estate investment banking firm George Smith Partners has arranged a $10.6 million loan for the acquisition of The Preserve at Mesa Hills, a 100 percent occupied, 248-unit apartment community in El Paso. David Rifkind and Ameet Chagan of George Smith Partners arranged the interest-only loan through a CMBS lender on behalf of the borrower, a private investor, . Located in El Paso’s northwest submarket, The Preserve at Mesa Hills comprises nine two-story and five three-story buildings offering one- and two-bedroom apartments. Units feature mountain and valley views, private patios or balconies and GE appliances, while select units also feature vaulted ceilings and wood-burning fireplaces. Common area amenities in the gated community include landscaped courtyards, a pool with spa and sundeck, fitness center, basketball and volleyball courts, as well as barbecue grills and picnic areas for residents.
KATY, TEXAS — Vigavi West Ten has broken ground on a 22,500-square-foot speculative industrial building at West Ten Industrial Park in Katy, a suburb of Houston. The industrial park offers land sites for sale or build-to-suit opportunities, as well as industrial buildings for sale or lease. At completion, West Ten Industrial Park can accommodate 350,000 square feet on 35 acres. In 2015, Parkside Capital partnered with Vigavi Realty to purchase the land within West Ten Business Park for the new facility. Located at 633 Choctaw Lane, the first building underway at West Ten Industrial Park is scheduled to deliver in November 2016. John Simons and Holden Rushing of NAI Partners are marketing the park.
CARROLLTON, TEXAS — Lee & Associates has arranged the sale of a 56,132-square-foot industrial building located at 1540 Champion Drive in Carrollton. Nathan Denton of Lee & Associates’ Dallas/Fort Worth office represented the seller, StoneDome Real Estate LLC. Ryan Boozer of Stream Realty Partners represented the buyer, Terrastone LLC.
ATLANTA — Through HFF’s debt placement division, U.S. Bank has provided a $58.5 million construction loan for the development of the Omni Hotel at The Battery Atlanta. The 16-story, 264-room hotel will anchor the $1 billion mixed-use village surrounding SunTrust Park, the Atlanta Braves’ new ballpark set to open in April 2017 in Cobb County. The hotel will feature 12,000 square feet of meeting space, a restaurant with rooftop seating, outdoor pool with a deck and bar, fitness center, wine and coffee bar, retail outlets on the third floor and concierge services. Whitaker Johnson and Jim Curtin led the HFF team in arranging the 42-month loan through U.S. Bank on behalf of the borrowers, TRT Holdings Inc. and Braves Development Co. LLC. The loan features two one-year extension options. Dallas-based TRT Holdings is the parent company of Omni Hotels & Resorts, and Braves Development Co. is owned by Liberty Media Corp.
ORLANDO, FLA. — CBRE has brokered the $49.8 million sale of a three-property portfolio totaling 271,192 square feet of office space within Central Florida Research Park in Orlando. City Office REIT purchased the assets from DRA Advisors. Situated adjacent to the University of Central Florida, the properties include Research Commons at 12249 Science Drive; Technology Park I and II at 3045-3051 Technology Parkway; and University Tech Center at 12501-12565 Research Parkway. The 1,027-acre Central Florida Research Park is the largest research and technology development park in Florida and the fourth largest in the nation. Ron Rogg and Chip Wooten of CBRE brokered the transaction.
CUMMING, GA. — Preferred Apartment Communities Inc. (PAC) has purchased Lakeland Plaza, a 301,711-square-foot shopping center located at the intersection of Georgia 400 and Highway 20 in Cumming. The shopping center is anchored by a 29,855-square-foot Sprouts Farmers Market and an 86,479-square-foot Belk. PAC acquired Lakeland Plaza through its wholly owned subsidiary New Market Properties LLC. Protective Life Insurance Co. provided a 10-year acquisition loan on behalf of PAC that features a fixed 3.85 interest rate. The seller and sales price were not disclosed.
JACKSONVILLE, FLA. AND STONE MOUNTAIN, GA. — Ready Capital Structured Finance has closed two non-recourse bridge loans totaling $31 million for shopping centers in Jacksonville and metro Atlanta. Ready Capital closed a $19.7 million loan for the acquisition and renovation of Highland Square Shopping Center, a 277,553-square-foot retail center located on Dunn Avenue in Jacksonville. Situated a quarter-mile west of I-95, the asset was 73 percent leased at the time of financing to tenants such as Publix and CVS/pharmacy. The loan features a 42-month term with two one-year extension options and includes a facility for future tenant re-leasing reserves and future funding for tenant improvements, leasing commissions and capital expenditures. The other transaction was an $11.3 million loan for the acquisition and renovation of a 335,000-square-foot retail center leased to tenants such as Marshalls, Big Lots, Ross Dress for Less and Stone Mountain Community Center, an activity and fitness center serving the Stone Mountain community. The asset is situated at the intersection of Stone Mountain Highway 78 and Rockbridge Road S.W., roughly 20 miles northeast of downtown Atlanta. The undisclosed borrower purchased the REO asset from a special servicer. The short-term loan features a facility for future tenant improvements, leasing …
